Business
Superior Plus Announces Second Quarter Results and Growth Strategy
Superior Plus Announces Second Quarter Results and Growth Strategy.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Aug. 8 /CNW/ -\n\n\nHighlights\n\n\n- Operating distributable cash flow prior to discontinued operations for\n the second quarter and year to date was $35.7 million and\n $112.0 million, compared to the prior year periods of $36.6 million\n and $102.1 million.\n- Operating distributable cash flow for the second quarter reflects\n stronger performance at Winroc and SEM, offset by lower results from\n Superior Propane and ERCO as compared to the prior year period.\n- Distributable cash flow per trust unit for the second quarter and year\n to date was $0.23 and $0.93, consistent with management expectations\n and within our 2007 annual guidance estimates.\n- Distributions paid per trust unit remained stable at $0.13 per month\n ($1.56 annualized) for the quarter resulting in a year to date payout\n ratio of 82% before strategic plan costs.\n- The continued reduction of Senior Bank Debt has resulted in Senior\n Debt to EBITDA ratio of 1.6x and Total Debt to EBITDA ratio of 3.0x,\n compared to first quarter levels of 1.8x and 3.2x.\n- Superior entered into a new $535 million syndicated credit facility\n expandable up to $600 million, creating increased financial\n flexibility for future growth at a lower cost of capital.\n- Superior's US denominated cash flows are currently 84% hedged for 2007\n at an exchange rate of 1.21 and 82% for 2008 at an exchange rate of\n 1.17.\n- ERCO announced plans for a US$95 million expansion of its Port Edwards\n Chloralkali facility.\n\nFinancial Summary\n-------------------------------------------------------------------------\n Three Months Ended Six Months Ended\n(millions of dollars, except June 30 June 30\n per trust unit amounts) 2007 2006 2007 2006\n-------------------------------------------------------------------------\nFinancial\nOperating distributable cash flow\n before strategic plan costs\n Superior Propane 9.2 10.4 51.5 48.0\n ERCO Worldwide ("ERCO") 13.7 16.5 38.5 34.9\n Winroc 9.5 7.0 15.7 14.8\n Superior Energy Management ("SEM") 3.3 2.7 6.3 4.4\n-------------------------------------------------------------------------\n 35.7 36.6 112.0 102.1\n Discontinued operations -\n JW Aluminum ("JWA") - 10.3 - 19.7\n-------------------------------------------------------------------------\n 35.7 46.9 112.0 121.8\nInterest (11.9) ...